Media Release

Government To Sell Prime Waterfront Offices In Newcastle

The NSW Government has today announced it is calling for parties interested in purchasing a waterfront office block in the heart of Newcastle.

Minister for Finance and Services Dominic Perrottet said the property at 237 Wharf Road was well positioned close to the city CBD.

This is a three-storey building, with 2,457 square metres of space, situated right on Newcastle Harbour and within close proximity to the Hunter Street Mall," Mr Perrottet said.

"Currently, the property is occupied by staff from Transport for NSW, RailCorp NSW and Attorney General and Justice, and we’ll be looking to sell the property with either a five- or a ten-year leaseback option to the NSW Government.

"There is limited supply of office space in Newcastle and I’d expect the property’s prime location and attractive leasing terms will attract keen interest from the market."

Mr Perrottet said the building was being sold as part of the Government’s property divestment strategy.

"The people of NSW voted for improved services and infrastructure and expect the NSW Government to deliver," he said.

"It doesn’t make sense for governments to hold on to property or assets that are either underutilised or no longer required for core-business.

"By recycling surplus assets we can invest funds into providing new essential infrastructure and services in the Hunter and across the state.

"In the last year alone we’ve unlocked more than $500 million in capital through the strategic divestment of non-core property assets."

In March, the sale of the 20,000 square metre Ausgrid Building in Sydney’s CBD raised $151.8 million for the NSW Government.

Colliers International Newcastle has been appointed to manage the sale of 237 Wharf Road, Newcastle on behalf of the NSW Government.

Government Property NSW, a division of the Office of Finance and Services, is responsible for managing property and leasing for agencies.